NF left poor high FA at top and neutral extreme down day in last session.Sellers expected to hold below 17010-17020 and accept below 16960 for downside follow through failing to do so probe was marked back for 17060/17090 due to 45deg move in last session from POC..NF held 17010 at open but could not sustain below 16960 and gone for open test drive up move towards 17060 first then later probed above 17090..It could not sustain the range extn higher and then moved back to dVAL then closed below dPOC..
Overlap session and 3-1-3 profile with balance and tails at both ends..Sustain value area = trend else move back to other end of value area and look for follow through that side..
Poor high FA at 17119 from last session got a test and rejected again with clean selling tail now..All intra rallies today met with sm good selling attempt which pushed for price to close below dPOC..These sellers now need to hold 17090-17115 next session for overlap in value area then should look for sustaining below 16980..Failing to do, some short squeeze possible.
Volume is good today and looking for directional move in a session or two.Two days similar range with such volume and intra shakeout auction tend to push price one way sooner.Another attempt today at two weeks lower quad failed to get follow through down and negated last session spike down move and met pivot of week 17090..More and more they fail at lower quad of two weeks tilts path of least resistance upside now atleast for one quick rally..To negate this, supply attempt of today should not allow any meaningful auction above today's selling tail.
For next session levels wise, failing to stay below 16980 and move above 17020 could get 17050-17070 and acceptance there could get 17120/17145/17170-17190+..Failing to stay above 17150 could drop to 17070 and sustaining there could drag to 17040/17010/16985-16975 and weak below that for 16940-920/16880/16830-16820 and more.
Swing long triggered at 17090 and negation same 16950 as mentioned in last report. Obj are 17170/17240/17280. Once NF moves above 17140 could move negation to 17050.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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